I created this analysis to give you some insight into current BTCUSD -3.65% outlook.

As we can see on the chart above BTCUSD -3.65% is developing currently corrective structure. Looks like it's clear ABC (5-3-5) corrective structure (chart below). I marked all waves since the BTC's beginning and in my opinion We only passed 1st wave. Why do I think so? We are currently making very big corrective movement. Such big corrective structures usually appears as 2nd wave, so with that in mind it lets me think the biggest move is yet to come.

Technically speaking looks like we had impulse extension on 5th wave and it has ended withing the limited area (General rule: 5th wave cannot be longer than 5x 3rd wave). You can see that on chart, marked with red rectangles. During that 5th wave (impulse extension) we had another impulse extension (green arrow). It allows me to think that the trend is very strong, impulse extensions appear only in very strong trend.

We need to wait for the corrective structure to develop. I think year 2018 will be year of correction, as it's 2nd wave it may go really deep.

Let's go to the corrective structure itself:

As you can see clearly on the chart it's pure ABC (5-3-5) corrective structure. Maximum extension of this corrective structure goes to 4800$ area. For now we bounce off the -0.618 Fibo channel and we are developing corretive 4th structure. During that C wave you can notice another impulse extension as wave 3. It meets all the Wave theory terms, basically with that in mind 5th last wave of that C wave should be same as wave 1. I marked them with red rectangles. Do you know where is the end? Around 4800$. Yeah the same level as 1.618ext of A wave of that big ABC:

What else about 4800$? We have potential bullish bat pattern with "D" point around 4800$ area.

So I am expecting bounce off very soon. We may see another dip down around 20-30th of february and then BTC -3.52% should catch upward momentum :). I would not expect new highs this year, maybe I am wrong, however I expect WXY correction to be honest. So there is possible look of the corrective structure which may appear this year:

Yes, we may see at least double bottom on autumn 2018. After that BTC -3.57% should get into 3rd wave, yeah 3rd impulsive wave which is usually the longest. Potential target for that trade would be around 32k$.